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Started By
Message
re: This unrealized capital gains thing
Posted on 8/22/24 at 1:04 am to Dawgsontop34
Posted on 8/22/24 at 1:04 am to Dawgsontop34
quote:"Get in zee rail car".
I agree that there is a massive overreaction to it from people it won't impact to nearly the same extent it would impact the rich.
1
Posted on 8/22/24 at 1:07 am to aTmTexas Dillo
quote:
But what about George Clooney?
George Clooney lives in Italy.
Posted on 8/22/24 at 1:08 am to Taxing Authority
quote:
quote:I agree that there is a massive overreaction to it from people it won't impact to nearly the same extent it would impact the rich."Get in zee rail car".
Thanks for proving this guy’s point by comparing it to the Holocaust.
I had thought it was just leftists who were so bereft of historical knowledge that the best they could do is compare everything they don’t like to Germany in the 30s and 40s but I guess not.
Posted on 8/22/24 at 1:14 am to Notrub14
quote:
The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000
Then it's basically for show. So few households have that kind of money, and they will figure out a way to get around it (rent, live overseas, etc).
Posted on 8/22/24 at 3:30 am to The Egg
And then they're taxing your social security payments. It's unbelievable. Government taxes are insatiable.
Posted on 8/22/24 at 3:44 am to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000
Yeah, and they "sold" the 1913 federal income tax by promising that it would only apply to the very wealthy (top 1% of earners) and with a top rate of 2%.
Posted on 8/22/24 at 4:04 am to Notrub14
quote:Given the federal track record, that is extraordinarily naive.
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
Currently, though the Feds know your net income, they do not know your net worth. If the law passes, that will change. They will know your net worth. Net worth, your net worth, is information they're dying to get their greedy mits on.
$100M or not, YOU will have to declare YOUR assets ... home appreciation, vehicle depreciation, value of investments, etc., and Lord help you with valuation if you own options.
"Now my advice for those who die
Declare the pennies on your eyes
'Cause I'm the taxman
Yeah, I'm the taxman
And you're working for no one but me"
After that, it's just a matter of time before you're writing a check right there beside those hectomillionaires, assuming you own anything.
This post was edited on 8/22/24 at 4:20 am
Posted on 8/22/24 at 5:26 am to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
Ignorance is bliss.
Notrub14, do us a favor and read a history book on the creation of the income tax. Then you’ll see how unrealized capital gains tax will be applied.
Posted on 8/22/24 at 5:43 am to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000.
Yea like the extra 80,000 IRS worker were only going after the ultra rich 1%.
If you are sitting on $1000,000,000 you have enough to hire lawyers and tax gurus to keep you from having to pay most taxes.
Period.
All these new fangled tax laws are aimed at YOU and ME because we aren't rich and cant buy our way our of being targeted.
Posted on 8/22/24 at 5:46 am to Dawgfanman
quote:
They don’t own anything!
nope. They don't own a house or have a 401k. They cheer it on because they know their leaders are trying to take away your hard earned money away from you and give it to them in the form of welfare. This appeals to their base.
Posted on 8/22/24 at 5:49 am to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000.
If you like your doctor you can keep your doctor.
At what point do folks like you stop falling for their bullshite?
Posted on 8/22/24 at 6:02 am to Rebel
quote:
George Clooney lives in Italy.
Ohhh, gotcha, so this mega Dem fundraiser/mover and shaker/millionaire/bundler with multiple homes pays no US income tax? Must be nice to be him. You got me, you got me!
Posted on 8/22/24 at 6:11 am to aTmTexas Dillo
AFAIK the tax is only on estates that are worth >$100M. I don't think anyone posting here has that.
Its also only implemented at death, during the estate transfer. Apparently a tax loophole ultra wealthy (the waltons started it) is to tie up all the transferrable assets in stocks, then transfer the stocks at death. The recipient's capital gains reset at 0, so there is 0 capital gains tax imposed on the transfer
Its also only implemented at death, during the estate transfer. Apparently a tax loophole ultra wealthy (the waltons started it) is to tie up all the transferrable assets in stocks, then transfer the stocks at death. The recipient's capital gains reset at 0, so there is 0 capital gains tax imposed on the transfer
Posted on 8/22/24 at 6:11 am to aTmTexas Dillo
This thread isn’t about income tax.
It’s about unrealized capital gains.
If you don’t understand the difference between the two, you might should sit this one out.
It’s about unrealized capital gains.
If you don’t understand the difference between the two, you might should sit this one out.
Posted on 8/22/24 at 6:36 am to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
It’s a foot in the door on the way to lunacy.
Look at see what was promised at the advent of the income tax.
Look and see what was promised with the patriot act.
Look and see what was promised with the Foreign Intelligence Surveillance Act of 1978 (FISA)
Look and see what was promised with Dodd-Frank.
Look and see what was promised in The Great Society.
Look and see what was promised with Section 8 housing.
Look and see what happened to “they just want to get married”.
This time it would be different?
It would start like anything else. Start at 100 million to get it in the code. Drop to 50 million to “catch the people who are manipulating their income”, drop to 10 million because “they can afford it”, drop to a million because “we all need skin in the game”, then…………..
Posted on 8/22/24 at 6:38 am to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
If you honestly believe that, I’ve got some ocean front property in Kansas to sell you.
Don’t believe them for their words; believe them for their actions. You really, really think those 90,000 additional IRS agents they want are simply going after the wealthy tax cheats? Nope, they’re going after middle class, middle America taxpayers to drain every last cent out of them.
Wake the frick up.
Posted on 8/22/24 at 6:43 am to Rebel
It’s about unrealized capital gains.
I don't understand how this is constitutional. In fact I don't see either the House or Senate passing something like this. If they did I doubt it survives a trip to the Supreme Court.
I don't understand how this is constitutional. In fact I don't see either the House or Senate passing something like this. If they did I doubt it survives a trip to the Supreme Court.
Posted on 8/22/24 at 6:52 am to bigjoe1
This is theft. And the amount of people saying, it won’t affect me, is scary and the mindset is a large reason the federal government has grown into the evil out of control virus it is today.
It won’t affect me, but we know that won’t last if they get it in place. And, has anyone considered how this could stifle investment from the groups with over $100MM?
This is lunacy.
It won’t affect me, but we know that won’t last if they get it in place. And, has anyone considered how this could stifle investment from the groups with over $100MM?
This is lunacy.
Posted on 8/22/24 at 6:53 am to aTmTexas Dillo
quote:
George Clooney? Stephen Spielberg and George Lucas?
Those guys are figs and pedos
Posted on 8/22/24 at 7:08 am to wareaglepete
quote:
This is theft. And the amount of people saying, it won’t affect me, is scary and the mindset is a large reason the federal government has grown into the evil out of control virus it is today.
It won’t affect me, but we know that won’t last if they get it in place. And, has anyone considered how this could stifle investment from the groups with over $100MM?
Also people don’t realize these people are the people buying equities, that see unrealized gains, that keep the market going for other people’s investments.
Any manipulation to lessen the impact of unrealized gains can cause wild swings in individual stocks.
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